Royal Bank of Scotland Group PLC said Friday it will implement further cost cutting to try to return to profitability in 2018, as it booked another major full-year loss.
As you'd expect, McEwan offers up some positives - such as its core business generating £4.2 billion in adjusted pre-tax operating profit for the year - an average of £1 billion per quarter for the last eight quarters.
That means the bank has racked up more than 50 billion pounds in losses since 2008, when the government rescued it from collapse with a 45 billion pound bailout. It aims to reduce costs by £2 billion by 2020, including £750 million this year, which it said would require more job cuts and branch closures. As the past trend shows, The Royal Bank of Scotland Group plc's stock price has plunged after earnings in 6 of the last 6 quarters.
In the a year ago Royal Bank Of Scotland Group's stock price has increased by 2.28% from 232.1 to 237.4.
Several other equities research analysts have also recently weighed in on RBS.
"This business had contributed 10bn euros to sales in 2015", BASF said, adding that strong sales in Asia, particularly in the chemicals division, offset some of those losses.
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The taxpayer-controlled bank said it was on track to make a profit next year, hitting a key goal it set before starting distributions to shareholders. We were the fastest growing large bank in the United Kingdom previous year, with £24 billion of new lending into the United Kingdom economy supporting over a million businesses and home owners.
"This bank has great potential", maintains McEwan. Our customers, our cost base and the measures we plan to implement to return the bank to sustainable headline profits will be where we focus our efforts.
Some £825m of costs were incurred as part of RBS' ongoing run-down of its "bad bank", the unit created after the financial crisis to house toxic assets and unwanted businesses.
Aside from the banks, 2016 results from troubled educational publisher Pearson PLC (LON:PSON) will also be a focus on Friday, although the firm already provided its headline numbers and 2017 guidance in a trading update in January.
In November, RBS had failed stress tests conducted by the Bank of England and the central bank had assessed that RBS "remains susceptible to financial and economic stress".